Whether you've spent years in preparing to buy a Home and you're unsure if you can afford it, the questions surrounding home buying could feel endless. Buying a home is Exciting and often can be an overwhelming experience, particularly if you are buying your first home. Coney Marciano can help you through the Home buying process and assure that you find the right home for you, at the right place.

Setting a Time Frame

There are lots of variables in the home-buying process, this includes the time it would take you to find and to buy your new Home as well. A typical home search process may take two to three months, including the mortgage approval process, comparing and evaluation properties, making an offer and the closing process. The loan process typically takes 30-45 days.

Perhaps one of the most intimidating aspects of buying a Home is the mortgage approval process. Coney is here to help and guide you through this. There are many ways for you to prepare early and it could make the process smoother. Start by making sure your budget is under control.

First, make a list of all your monthly expenses. Compare this with your income, and see if adjustments need to be made. You should also try to pay off small credit card balances . Start gathering documents you may need, such as 1702 forms, income tax returns for two years, bank statements for the past several months, and your credit report. Also, be sure to allow for closing costs. Getting several offers will allow you to compare loans and get the best deal.

Determining how much you can afford

A general guideline to consider is that most Buyers typically purchase a Home that costs about 1.5% to 2.5% of their current annual income. For example, someone earning P2.150M/ $50,000 a year might purchase a home for 3.22M/ $75,000 to 5.375M/ $125,000. The mortgage should be about 28% to 30% percent of your gross monthly income.

Right to Own Philippine PropertiesLife, Liberty and Land Restrictions on Foreign Ownership of Land in the Philippines

For all our foreign owners who are looking to buy property in the beautiful Philippines, we have listed below additional information on "Philippine Real Estate Ownership Laws", which we are sure you will find very helpful.

The general rule is that only Filipino citizens and corporations or partnerships, at least 60% Philippine owned are entitled to acquire land in the Philippines. As an exception to this rule, an alien acquisition of Philippine real estate is allowed in the following cases. Acquisition before the 1935 constitution. Acquisition thru hereditary succession if the foreign acquire is a legal heir. Purchase of not more than 40% interest as a whole in a condominium project. Purchase by a former natural born Filipino citizen subject to the limitations prescribed by law.Filipinos who are married to aliens retain their Filipino citizenship, unless by their act or omission they are deemed to have renounced their Filipino citizenship.

Foreign Ownership of Land in the Philippines

Ownership of Land in the Philippines is highly-regulated with land ownership reserved for persons or entities considered Philippine nations or Filipino citizens. For this purpose, a corporation, owned 60% by Filipino citizens is treated as Philippine nationals Foreigners interested in acquiring land or real property through aggressive ownership structures must consider the provisions of the Philippine's Anti-Dummy Law to determine how to proceed. A major restriction is the law is the restriction on the number of the alien members on Board of Directos of Landholding company which is limited to 40% allien participation.

Life, Liberty and Land Restrictions on Foreign Ownership of Land in the Philippines

Exceptions to the restriction on foreigners acquisition of land in the Philippines are the following:

Acquisition before ten 1935 constitution

Acquisition through hereditary succession if the foreigner is a legal or natural heir

Purchase of not more than 40% interest in a condominium project

Purchase by a former natural-born Filipino citizens subject to the limitations prescribed by law. (natural born filipino who acquired foreign citizenship is entitled to own up to 1,000 sqm. of residential land and 1 hectare agricultural or farm land)

Filipinos who are married to aliens who retain their Filipino citizenship. Unless by heir act of omission they have renounced their Filipino citizenship. ► see next page

Foreigner Ownership as a Philippine Corporation

Foreign nationals or corporations may completely own a condominium or townhouse in the Philippines . to take ownership of private land, resident ail house and loot, and commercial building and lot foreigners may set up a Philippines corporation in the Philippines . this means that the corporation owning the land has less than or up to 40% foreign equity and it is formed by 5-15 natural persons of legal age as incorporators, majority of whom are Philippine residents.........► see next page